Maruti to up prices by July-end, eyes double digit growth in FY07

New Delhi, July 19 (UNI) Car market leader Maruti Udyog Ltd (MUL) today said it will hike prices on more than one model, by the month end, to be able to beat high input material as well as freight costs.

''We are currently reviewing the prices, an announcement of which would be made by the end of this month. The price rise will be on more than one product,'' MUL MD and Director Jagdish Khattar told reporters here, on the sidelines of the launch of the 'WagonR Duo' here.

However, a decision on the exact amount of the hike, was not yet taken, Mr Khattar said.

The company is also aiming for a double-digit growth in this fiscal.

''Our suppliers have asked for a price increase of 1.1 per cent for the financial year ending March, 2007. We are in negotiatons,'' Mr Khattar said.

Maruti's decision to hike its prices comes close on the heels of Hyundai increasing its's price range between Rs 3,500 and Rs 26,300 across various models, including its popular 'Santro', earlier this month.

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